The WORBLI project was conceived from the start to transition into a decentralized network as it matures. Our vision has always been that initially, we will have tight centralized control as we evolve and refine our processes, with the end goal being stability and predictability. Having good checks and balances against abuse or misuse of power requires a certain degree of decentralization, and we are making progress toward that goal.
During the month of December, we are updating our Platform and Network Terms to note that disputes will now be subject to arbitration rather than going straight to the Courts of Singapore.
Meet Ben Gates
The Foundation has appointed the first independent arbitrator to handle any disputes that may arise in connection with using the WORBLI network or the WORBLI Foundation operations. Ben’s education in law was an important factor in our decision to appoint him, but the recommendations we received from his work with ECAF as an interim arbitrator and administrator of the EOS arbitration forum was the deciding factor. Ben has been involved in EOS governance discussions from a very early stage and is excited to help the WORBLI network take the next step towards decentralization. We feel this puts him in a great position to act as an expert well versed in the nuances of blockchain and therefore we hope he will be able to resolve disputes between parties in a fair, balanced and well-reasoned manner.
Additionally, Ben’s entrepreneurial background will be important as the WORBLI network scales and the need arises for an independent arbitration association to be formed.
Ben has been appointed to act independently and will deal with disputes in accordance with the WORBLI Arbitration Process Rules. To avoid any conflict of interest, the arbitrator receives a yearly fee in advance from the Foundation that cannot be taken back and the annual term cannot be suspended or terminated earlier by the Foundation. We believe that this approach ensures that the independence of the arbitrator will not be compromised.
Checks and Balances
We firmly believe that arbitrators that will deal with disputes on the WORBLI network need to possess certain qualities to be qualified for the job: strong moral compass, good education, independence, unquestionable honesty, experience with the law, and emotional stability. We thoroughly vetted Ben before deciding to appoint him, including rigorous background checks and references from people he has worked with. We are confident that Ben is well-suited for the job and will contribute to the further development of WORBLI’s arbitration rules and processes.
Of course, just appointing someone that we believe will do a good job is not enough. We have devised a process where we believe it will be nearly impossible for an arbitrator to harm a network participant, whether it is intentional or not.
Arbitrators in the WORBLI network only have the power to decide on disputes. Once an award is given, a request is sent to the WORBLI Foundation executive body, which is responsible for executing it. Our goal is to achieve the division of powers that is paramount in modern governance theory. The executive body has the power to execute decisions, but it cannot do that unless a decision has been made in the first place. The arbitrators (and other decision-making bodies such as the Foundation internal regulatory body) have the power to make decisions but not to execute them. This makes it impossible for a single actor to do harm. Further, each privileged action that is performed on the network as a result of a decision is put on-chain to be fully auditable and accessible by anyone. This kind of transparency is unprecedented outside of the blockchain world, and we are hopeful it will lead to a better and more transparent future.
Parties to a dispute have the right to appeal if they feel the decision was unfair. Ultimately, any arbitrator decision can be challenged in court, so we can always fall back to the established legal system.
Additionally, we will be implementing more checks on the arbitrator decisions, such as peer review of cases and a new role that we call “the ombudsman”. The ombudsman will have the power to inquire into any case and investigate it for abuse of power or audit the reasoning behind the decision. The ombudsman will not have the power to decide on a case but will be able to initiate claims on behalf of everyone or reopen old cases if they are deemed to be processed incorrectly.
We believe that this is an important step in the development and decentralization of the WORBLI network and we are looking forward to seeing how it will be utilized in the future. The ability to fairly resolve disputes between network users sets the foundation for a global financial ecosystem.
The WORBLI business development team loves working with great projects. If you think WORBLI’s state of the art financial services blockchain could help your business or application, send an email to firstname.lastname@example.org
To learn more about WORBLI or create an account? visit www.worbli.io